Gulf, NYH Spot Products Soar on EIA-fueled Futures Rally
5/15 11:35 AM
Gulf, NYH Spot Products Soar on EIA-fueled Futures Rally BURLINGTON, Vt. (DTN) -- Weekly oil supply data published this morning by the Energy Information Administration showed a drawdown in U.S. gasoline stocks that was sufficient to trigger a run on New York Mercantile RBOB futures that spilled over to crude oil and ULSD futures trading late morning. Physical oil prices ran higher in both the Gulf Coast and New York Harbor markets in limited trading activity. EIA statistics showed a 1.1 million bbl decline in commercial gasoline storage levels, and a fractional build in reserves of distillate fuel grades. Domestic crude oil supply increased by 5.4 million bbl during the week-ended May 10, that included a 1.8 million bbl boost in stocks at the Cushing, Oklahoma supply depot. U.S. refiners upped usage 1.6% to 90.5% of capacity confirming plants returning from spring maintenance. June WTI was up $0.45 at press time trading $62.23 bbl, and within shouting distance of its $62.34 session high. June RBOB futures were climbing late morning posting a 3.99cts advance at $2.0166 gallon, and frontline ULSD futures were 3.22cts higher at $2.0911 gallon at last check. Gulf Coast 62-grade ULSD has rallied 3.32cts to $2.0391 gallon, trading at a 5.2cts June futures discount in front of afternoon 29th cycle Colonial Pipeline scheduling deadlines. New York Harbor ULSD is offered at a 15pts MERC premium for offline 23rd cycle Colonial Pipeline delivery, moving flat price a 3.22cts above its Tuesday DTN closing market rating to a notional $2.0901 gallon. Gulf Coast 9.0-lb. unleaded regular was last sold at an 11.5cts futures discount that gives spot price a 3.99cts lift to $1.9016 gallon for 30th cycle CPL transport. New York Harbor 9.0-lb. RBOB is tracking the June futures contract up 3.99cts to $2.0341 gallon, indexed at a 1.75cts futures premium for prompt barge lifting. G. Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.